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How Does Someone Get Out Of A Binding Timeshare Contract???
Are you stuck between a rock and a timeshare???
It is all too easy to fall into the timeshare trap. Getting out…well that’s another story all together. The cold hard truth is that timeshare developers intention is to “lock” in a consumer into an iron-clad contract that no owner can get out. The true litmus test? Call your resort developer and ask how much your unit sells for, then, turn right around and ask if they will simply take it back for free. Many are shocked to hear in the same breath that it is selling for about $12,000, but it is not their policy to take it back once you own one. NOT EVEN FOR FREE. The fact is that most of that $12,000 goes to marketing and advertising and commissions. Resort developers intention is to have the yearly maintenance fee coming in like clockwork. Average maintenance fees in the US are over $600. Sold 50 times ($600 per week/per unit)= $30,000 in recurring fees every year. For a resort with 1000 units = $30,000,000 in recurring yearly fees. That is why they don’t want to simply take it back for free. A timeshare is never free. It costs resort developers money to get it sold (quite a lot). On the other hand, it brings in money (quite a lot more) by simply selling it once and locking an owner in forever. Forever? Really? How is that? Read the article below for more info. Also the following site is a great resource as well: www.betweenarockandatimeshare.com/
Why is this such a problem getting out of a timeshare? Below is an article from The NY Times that digs deep into the heart of the problem with timeshares.
Timeshare trap: Some check in but can never get out
NEW YORK — Timeshare is not quite the investment that Patricia Uhler had hoped it would be. While companies like Wyndham Worldwide, Starwood Hotels & Resorts Worldwide and Marriott International are doing great business around the world selling timeshares, Uhler has not been so fortunate.
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